NRUC prices $2.0M Series D notes at 3.64%

National Rural Utilities Cooperative Finance Corporation priced a series of medium-term notes under its shelf.

Accepted by SEC EDGAR 03/13/2026 - 08:59 AM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a series of medium-term notes under its shelf. The Pricing Supplement shows a $2,000,000.00 principal amount of Medium-Term Notes, Series D with an 3.64% per annum interest rate, issued at 100% of principal.

Key dates: Trade Date March 11, 2026, Original Issue Date March 15, 2026, Maturity Date March 15, 2027, and Prospectus Supplement Date October 27, 2023. Interest payments are each January 15 and July 15; regular record dates are January 1 and July 1. The pricing supplement lists no redemption date and no agents commission.

The excerpt includes a legal opinion from Hogan Lovells US LLP stating that, upon receipt of consideration and proper issuance under the indenture and agreements, the notes will be valid and binding obligations, subject to customary insolvency and equitable-law exceptions.

Insights

Debt Capital Markets Analyst

Short-term note issuance with fixed coupon and one-year tenor.

The entity issued $2,000,000.00 of Medium-Term Notes, Series D, at par with a fixed coupon of 3.64% and a maturity of one year on March 15, 2027. The pricing supplement affirms standard payment dates and records.

The offering appears routine for liquidity or short-term funding needs; cash-flow treatment is not specified in the excerpt. Legal counsel rendered a customary validity opinion, subject to insolvency and equitable-law exceptions.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What securities did NRUC register in this Pricing Supplement?

This Pricing Supplement registers Medium-Term Notes, Series D with a principal amount of $2,000,000.00. The notes are issued at 100% of principal and carry a fixed interest rate of 3.64% per annum.

When do NRUC's Series D notes mature and when are interest payments made?

The Series D notes mature on March 15, 2027. Interest is payable each January 15 and July 15, with regular record dates on January 1 and July 1.

What price and issuance dates are shown for NRUC Series D notes?

The Pricing Supplement lists an Issue Price of 100% of principal. The Trade Date is March 11, 2026 and the Original Issue Date is March 15, 2026 as stated in the excerpt.

Are there any redemption features or agent commissions for these notes?

The excerpt states the Redemption Date is listed as None and the Agents Commission is listed as None, indicating no agent commission and no specified redemption date in this pricing supplement.

Did counsel provide an opinion on the validity of NRUC's notes?

Yes. Hogan Lovells US LLP opines the notes will be valid and binding obligations upon receipt of consideration and proper issuance under the indenture, subject to bankruptcy, insolvency and equitable-law exceptions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Rule 424 (b) (3)

Registration No.: 333-275151

NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION

Medium-Term Notes, Series D

Due Nine Months or More from Date of Issue

Trade Date			March 11, 2026
Pricing Supplement No.			10498
Pricing Supplement Date			March 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$2,000,000.00
Issue Price			100% of Principal Amount
Original Issue Date			March 15, 2026
Maturity Date			March 15, 2027
Interest Rate			3.64% per annum
Regular Record Dates			Each January 1 and July 1
Interest Payment Dates			Each January 15 and July 15
Redemption Date			None
Agents Commission			None
Form of Note: (Book-Entry or Certificated)			Certificated
Other Terms			None
Medium-Term Notes, Series D may be issued by the Company in an unlimited aggregate principal amount.

Validity of the Medium-Term Note

In the opinion of Hogan Lovells US LLP, as counsel to the Company, following (i) receipt by the Company of the consideration for the notes specified in applicable resolutions of the board of directors of the Company and (ii) the due execution, authentication, issuance and delivery of the notes pursuant to the terms of the indenture and the applicable underwriting, agency or distribution agreement against payment therefor, the notes offered by this pricing supplement will constitute valid and binding obligations of the Company, subject to the effect of (a) bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting creditors’ rights and remedies (including, without limitation, the effect of statutory and other law regarding fraudulent conveyances and fraudulent, preferential or voidable transfers), and (b) the exercise of judicial discretion and the application of principles of equity, good faith, fair dealing, reasonableness, conscionability and materiality (regardless of whether the applicable agreements are considered in a proceeding in equity or at law), including, without limitation, principles limiting the availability of specific performance and injunctive relief.

This opinion is based as to matters of law solely on applicable provisions of the following, as currently in effect: (i) the District of Columbia General Cooperative Association Act of 2010 and (ii) the laws of the State of New York (but not including any laws, statutes, ordinances, administrative decisions, rules or regulations of any political subdivision below the state level). In addition, this opinion is subject to customary assumptions about the trustee’s authorization, execution and delivery of the indenture and its authentication of the notes and the validity, binding nature and enforceability of the indenture with respect to the trustee, all as stated in the letter of such counsel dated October 27, 2023, which has been filed as an exhibit to a Current Report on Form 8-K by the Company on October 27, 2023.